Stocks close at their highs for the week. A strong afternoon move in the Oils accompanied the earlier push in Tech stocks. It seems that sellers have all turned the other way and are now long. Obviously mutual funds are being sucked in as they do not want to be seen as the only fund that did not make money this year.
Dow +166 to 11644
Nas +47 to 2667
S&P +20 to 1224
Have a nice weekend everybody. Hopefully we can continue this rally next week.
Friday, October 14, 2011
At 3:30 pm...
Stocks are holding on to gains...as it looks like funds are putting money to work. Even banks have started to join the party.
Dow +121
Nas +37
S&P +16 to 1219
We continue to sit just below the 1220 mark on the S&P.
Dow +121
Nas +37
S&P +16 to 1219
We continue to sit just below the 1220 mark on the S&P.
Today's Upgrades and Downgrades...
These are some of this Friday’s top analyst upgrades, downgrades, and initiations seen having an impact from Wall Street research calls.
Baker Hughes Inc. (NYSE: BHI) Cut to Market Perform at BMO.
Beam Inc. (NYSE: BEAM) Started as Hold at Argus.
Boeing Co. (NYSE: BA) Cut to Perform at Oppenheimer.
Cisco Systems Inc. (NASDAQ: CSCO) Started as Buy at IS Group.
Ecolab Inc. (NYSE: ECL) Cut to Neutral at Citigroup.
FXCM Inc. (NYSE: FXCM) Cut to Sell at Citigroup.
Gap Inc. (NYSE: GPS) Cut to Market Perform at Wells Fargo.
General Electric Co. (NYSE: GE) Started as Overweight at Barclays.
Hewlett-Packard Co. (NYSE: HPQ) Started as Buy at ISI Group.
International Business Machines Corporation (NYSE: IBM) Started as Outperform at Macquarie.
Interactive Brokers Group (NASDAQ: IBKR) Raised to Outperform as Bull of the Day at Zacks.
ITT Corporation (NYSE: ITT) Started as Equal-Weight at Barclays.
Kinder Morgan Energy Partners (NYSE: KMP) Started as Neutral at JPMorgan.
Plains All American Pipeline (NYSE: PAA) Started as Overweight at JPMorgan.
TAL International Group, Inc. (NYSE: TAL) named Value stock of the day at Zacks.
Teradyne, Inc. (NYSE: TER) lowered target to $12 as Bear of the Day at Zacks.
Baker Hughes Inc. (NYSE: BHI) Cut to Market Perform at BMO.
Beam Inc. (NYSE: BEAM) Started as Hold at Argus.
Boeing Co. (NYSE: BA) Cut to Perform at Oppenheimer.
Cisco Systems Inc. (NASDAQ: CSCO) Started as Buy at IS Group.
Ecolab Inc. (NYSE: ECL) Cut to Neutral at Citigroup.
FXCM Inc. (NYSE: FXCM) Cut to Sell at Citigroup.
Gap Inc. (NYSE: GPS) Cut to Market Perform at Wells Fargo.
General Electric Co. (NYSE: GE) Started as Overweight at Barclays.
Hewlett-Packard Co. (NYSE: HPQ) Started as Buy at ISI Group.
International Business Machines Corporation (NYSE: IBM) Started as Outperform at Macquarie.
Interactive Brokers Group (NASDAQ: IBKR) Raised to Outperform as Bull of the Day at Zacks.
ITT Corporation (NYSE: ITT) Started as Equal-Weight at Barclays.
Kinder Morgan Energy Partners (NYSE: KMP) Started as Neutral at JPMorgan.
Plains All American Pipeline (NYSE: PAA) Started as Overweight at JPMorgan.
TAL International Group, Inc. (NYSE: TAL) named Value stock of the day at Zacks.
Teradyne, Inc. (NYSE: TER) lowered target to $12 as Bear of the Day at Zacks.
Xbox picking up market share...
Microsoft's (MSFT) Xbox 360 accounted for 42% of U.S. retail console sales in September, according to NPD, as the runaway success of its Kinect add-on bolsters demand. However, industry-wide hardware sales fell 9% Y/Y, as the major consoles show their age. Software sales rose 3%, fueled by strong demand for Electronic Arts' (ERTS) Madden NFL 12.
Noon Update....
Stocks are still higher but down off earlier levels.
Dow +77
Nas +21
S&P +10 to 1214
Apple and Google still leading the way for Technology. Banks are now lower and Gold and Silver are now flat.
Dow +77
Nas +21
S&P +10 to 1214
Apple and Google still leading the way for Technology. Banks are now lower and Gold and Silver are now flat.
Ford F-150 selling briskly...
Ford (F) says its Ford F-150 pickups equipped with six-cylinder EcoBoost engines are selling briskly, and will account for 45% of retail sales of the model moving forward. The EcoBoost engine falls in line with regulators' push for fuel efficiency, and offers consumers 18 mpg vs. 14-17 mpg on 8-cylinder models.
Tim Geitner says IMF can help Europe...
In an interview on CNBC this morning, Timothy Geithner says the IMF has "very substantial" available financial resources to fund a TARP-like device to help solve Europe's problems, while declining to give a specific number on what would be required. Economic data has been more encouraging recently, he adds, and concerns about a much weaker growth outcome have receded a bit.
Nice open...
Surprisingly positive earnings from Google is giving the entire market a lift.
Dow +118
Nas +36
S&P +16 to 1220
1220 on the S&P is that key level that technicians are paying attention to, looking for a breakout in stocks.
Leading the market:
Google +36.24 to 595.40
Apple +8.59 to 417.26
Amazon +5.35 to 241.68
IBM +1.32 to 188.24
Mastercard +7.71 to 343.70
Gold and Silver have been drifting higher even though the market has been moving higher. This seems to be a disconnect to why Gold and Silver were being bought in the first place...as a defensive move. Let's see if that relationship changes in the next few days.
Dow +118
Nas +36
S&P +16 to 1220
1220 on the S&P is that key level that technicians are paying attention to, looking for a breakout in stocks.
Leading the market:
Google +36.24 to 595.40
Apple +8.59 to 417.26
Amazon +5.35 to 241.68
IBM +1.32 to 188.24
Mastercard +7.71 to 343.70
Gold and Silver have been drifting higher even though the market has been moving higher. This seems to be a disconnect to why Gold and Silver were being bought in the first place...as a defensive move. Let's see if that relationship changes in the next few days.
iPhone 4S goes on sale today...
Apple Inc. (AAPL). The company’s latest iPhone went on sale in stores across the globe, with fans snapping up the final gadget unveiled during Steve Jobs' lifetime, many buying the phone as a tribute to the former Apple boss. Separately, a U.S. judge said that Samsung Electronic's Galaxy tablets infringe Apple Inc's iPad patents, but added that Apple has a problem establishing the validity of its patents in the latest courtroom face-off between the technology giants.
Good Morning...
Though Wall Street's major averages are coming off a mixed session Thursday, they remain on pace for their best weekly gains in four weeks, and the fourth biggest weekly gains of 2011. The Nasdaq Composite is currently riding a four-day winning streak and is up for seven of the past eight sessions.
We'll get the University of Michigan's preliminary consumer sentiment reading for October at 9:55am ET, expected to edge higher to 60.0 from September's final number of 59.4.
Google (GOOG) leads our list of stocks to watch this morning, after blowing past expectations with its latest quarterly earnings.
Google is up more than 8% premarket.
Apple (AAPL) will be high on the watch list once again today, as the iPhone 4S makes its debut in stores.
Financials could see some downward action today, as Fitch downgrades UBS (UBS) and puts others such as Morgan Stanley (MS) and Goldman Sachs (GS) on review.
We'll get the University of Michigan's preliminary consumer sentiment reading for October at 9:55am ET, expected to edge higher to 60.0 from September's final number of 59.4.
Google (GOOG) leads our list of stocks to watch this morning, after blowing past expectations with its latest quarterly earnings.
Google is up more than 8% premarket.
Apple (AAPL) will be high on the watch list once again today, as the iPhone 4S makes its debut in stores.
Financials could see some downward action today, as Fitch downgrades UBS (UBS) and puts others such as Morgan Stanley (MS) and Goldman Sachs (GS) on review.
Thursday, October 13, 2011
Another Mixed Day for Stocks....
The early earnings posted by JP Morgan held the Dow and S&P back today. Also, weakness in Europe overnight caused a selloff in Gold and Silver. However, Technology posted decent gains.
Dow -40
Nas +15
S&P -3 to 1203
Leading the market higher:
Apple +6.24 to 408.43
Google +1049 to 558.99
Visa +1.43 to 92.60
Mastercard +8.00 to 335.99
Netflix +3.39 to 117.01
Walter Energy +8.45 to 75.22
JP Morgan closed down 1.60 to 31.60
Dow -40
Nas +15
S&P -3 to 1203
Leading the market higher:
Apple +6.24 to 408.43
Google +1049 to 558.99
Visa +1.43 to 92.60
Mastercard +8.00 to 335.99
Netflix +3.39 to 117.01
Walter Energy +8.45 to 75.22
JP Morgan closed down 1.60 to 31.60
I thought these were already gone...
The payphone business is shrinking rapidly, but that hasn't stopped Pacific Telemanagement Services, a little-known company that agreed to buy nearly all Verizon's (VZ) remaining 50,000 pay phones. PTS will operate nearly 100,000 payphones out of ~425,000 still in existence in the U.S.; Verizon now owns just 4,000, down from a peak of 500,000.
Blackberry service back up and running...
On a conference call, Research In Motion (RIMM) co-CEO Mike Lazaridis tells reporters the company has fully restored BlackBerry service.
This blackout could deal a fatal blow to RIMM.
This blackout could deal a fatal blow to RIMM.
Banks pulling market lower...
Early market action is driven by weakness in financials (XLF -3.1%), which has wiped out yesterday's big gains in the sector. Big banks are taking their cue from JPMorgan Chase (JPM -4.7%), which reported lower profits and said it will trim headcount at its investment bank by 1,000 jobs. Bank of America (BAC -4.1%) and Citigroup (C -5.3%) report results next week.
Today's Upgrades and Downgrades...
These are some of this Thursday’s top analyst upgrades, downgrades, and initiations seen having an impact from Wall Street research calls.
Altera Corporation (NASDAQ: ALTR) Cut to Neutral at Baird.
Bank of New York-Mellon (NYSE: BK) named as Bear of the Day at Zacks.
Broadcom Corporation (NASDAQ: BRCM) Raised to Outperform at Baird.
Cell Therapeutics, Inc. (NASDAQ: CTIC) named as Bull of the Day at Zacks.
Clearwire Corporation (NASDAQ: CLWR) was Underperform and has been dropped from coverage by BofA/ML as fundamentals are not driving the shares.
ConocoPhillips (NYSE: COP) Reiterated Buy with $85 target on Focus List at Argus.
Dollar General Corporation (NYSE: DG) reiterated strong buy as Momentum stock of the day at Zacks.
Gold Fields Limited (NYSE: GFI) named as Value stock of the day at Zacks.
Hatteras Financial Corporation (NYSE: HTS) Cut to Neutral at Macquarie.
The Kroger Co. (NYSE: KR) Cut to Hold at Jefferies.
NetEase.com, Inc. (NASDAQ: NTES) Raised to Overweight at Piper Jaffray.
Novavax, Inc. (NASDAQ: NVAX) Started as Buy at Ladenburg Thalmann.
Rackspace Hosting, Inc (NYSE: RAX) Raised to Buy at Goldman Sachs, but reportedly Downgraded to hold at a firm called Benchmark.
Altera Corporation (NASDAQ: ALTR) Cut to Neutral at Baird.
Bank of New York-Mellon (NYSE: BK) named as Bear of the Day at Zacks.
Broadcom Corporation (NASDAQ: BRCM) Raised to Outperform at Baird.
Cell Therapeutics, Inc. (NASDAQ: CTIC) named as Bull of the Day at Zacks.
Clearwire Corporation (NASDAQ: CLWR) was Underperform and has been dropped from coverage by BofA/ML as fundamentals are not driving the shares.
ConocoPhillips (NYSE: COP) Reiterated Buy with $85 target on Focus List at Argus.
Dollar General Corporation (NYSE: DG) reiterated strong buy as Momentum stock of the day at Zacks.
Gold Fields Limited (NYSE: GFI) named as Value stock of the day at Zacks.
Hatteras Financial Corporation (NYSE: HTS) Cut to Neutral at Macquarie.
The Kroger Co. (NYSE: KR) Cut to Hold at Jefferies.
NetEase.com, Inc. (NASDAQ: NTES) Raised to Overweight at Piper Jaffray.
Novavax, Inc. (NASDAQ: NVAX) Started as Buy at Ladenburg Thalmann.
Rackspace Hosting, Inc (NYSE: RAX) Raised to Buy at Goldman Sachs, but reportedly Downgraded to hold at a firm called Benchmark.
Wedbush likes eBay...
Wedbush pounds the table for eBay (EBAY) following its X.commerce announcements. The firm calls eBay "the best investment in the growth of mobile payments," thanks to the breadth of PayPal's solutions. Wedbush also expects PayPal to help drive "significant multiple expansion" for eBay.
eBay is currently down 0.56 to 32.19
eBay is currently down 0.56 to 32.19
At 10:00 am...
Stocks are lower after a weak night in Europe and the JP Morgan Earnings release.
Dow -101
Nas -9
S&P -12 to 1194
Banks, Oils and Commodities are selling off, while Technology holds up well.
Dow -101
Nas -9
S&P -12 to 1194
Banks, Oils and Commodities are selling off, while Technology holds up well.
JP Morgan earnings...
JPMorgan (JPM): Q3 EPS of $1.02 beats by $0.08. Revenue of $24.4B beats by $700M.
After popping higher on the headline number beat, JPMorgan (JPM) turns south as closer analysis reveals $0.29 of profit was debt valuation adjustment. Without that, JPM would have reported earnings of just $0.73, a large miss.
JP Morgan is currently down 1.59 to 31.62
After popping higher on the headline number beat, JPMorgan (JPM) turns south as closer analysis reveals $0.29 of profit was debt valuation adjustment. Without that, JPM would have reported earnings of just $0.73, a large miss.
JP Morgan is currently down 1.59 to 31.62
IRS questions Google tax avoidance...
A source tells Bloomberg that the IRS is auditing Google (GOOG) over how the company avoids taxes by using offshore subsidiaries, and has requested information on its $1.65B acquisition of YouTube. The focus of the agency may be tied to how Google values software rights and IP it licenses abroard. A company spokesman calls the inquiry "routine."
Good Morning....
Stocks open lower this morning on a weak earnings report from financial bellweather, JP Morgan.
The Dow is coming off its highest close since August 31, and the S&P 500 and Nasdaq have risen in six of the past seven sessions.
The Dow briefly moved into positive territory for 2011 Wednesday before a mild late-session selloff.
Stock News:
Akamai Technologies (AKAM) is a stock to watch in today's trading, having soared after hours on reports that Google (GOOG) was interested in acquiring it - a rumor that several sources now say is a non-starter.
We'll also watch shares of AOL (AOL) on reports that CEO Tim Armstrong has been pitching top shareholders on the idea of selling the company to Yahoo (YHOO).
Service troubles continue to plague BlackBerry users, though Research In Motion (RIM) says the situation has improved as it continues to work to solve the problem.
Apple (AAPL) is in the news on two fronts this morning: the Wall Street Journal reports the company is in talks with Hollywood Studios over the idea of letting iTunes movie buyers watch streaming versions, and an Australian court has granted Apple's request for a temporary ban on sales of Samsung's Galaxy tablet in that country.
Peabody Energy (BTU) and ArcelorMittal (MT) have won China's approval for their $4.7 billion takeover of Australia's Macarthur Coal, which could move those stocks today. Chinese approval was needed because Macarthur controls a substantial portion of the Chinese metallurgical coal market.
Google (GOOG) is scheduled to come out with their earnings after this afternoon's closing bell.
The Dow is coming off its highest close since August 31, and the S&P 500 and Nasdaq have risen in six of the past seven sessions.
The Dow briefly moved into positive territory for 2011 Wednesday before a mild late-session selloff.
Stock News:
Akamai Technologies (AKAM) is a stock to watch in today's trading, having soared after hours on reports that Google (GOOG) was interested in acquiring it - a rumor that several sources now say is a non-starter.
We'll also watch shares of AOL (AOL) on reports that CEO Tim Armstrong has been pitching top shareholders on the idea of selling the company to Yahoo (YHOO).
Service troubles continue to plague BlackBerry users, though Research In Motion (RIM) says the situation has improved as it continues to work to solve the problem.
Apple (AAPL) is in the news on two fronts this morning: the Wall Street Journal reports the company is in talks with Hollywood Studios over the idea of letting iTunes movie buyers watch streaming versions, and an Australian court has granted Apple's request for a temporary ban on sales of Samsung's Galaxy tablet in that country.
Peabody Energy (BTU) and ArcelorMittal (MT) have won China's approval for their $4.7 billion takeover of Australia's Macarthur Coal, which could move those stocks today. Chinese approval was needed because Macarthur controls a substantial portion of the Chinese metallurgical coal market.
Google (GOOG) is scheduled to come out with their earnings after this afternoon's closing bell.
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